Billionaire Paulsen's PolyPeptide Group plans Swiss IPO to fund growth

BACHEM HOLDING AG

12/04/2021 07:33

ZURICH, April 12 (Reuters) - Drug industry contract
manufacturer PolyPeptide Group, controlled by a foundation
linked to Swedish billionaire adventurer Frederik Paulsen Jr.,
plans to list 40% of share capital on the Swiss stock exchange
as it raises money to finance capital expenditures.
    PolyPeptide, whose customers include U.S.-based Novavax Inc
 NVAX.O , for which it is making ingredients for its COVID-19
vaccine candidate, plans to list in the second quarter, subject
to market conditions, it said on Monday.
    It plans a placement of existing shares, as well as a
primary offering.
    It has three business areas, serving customers in
early-stage development of treatments, those with commercially
approved products and customers in the generic drug and
cosmetics industries.
    PolyPeptide has six GMP-certified and FDA-approved
facilities in Europe, the U.S. and India, employing more than
900 people. The group last year reported revenue of 223 million
euros ($265.04 million).
    "Reflecting our strong track record of growth, the intended
IPO is a natural next step in our journey, and we are very
pleased to now be planning this step in Switzerland," said board
member Jane Salk, the former chief executive.
    The company recently announced a new CEO, Raymond De Vre, to
oversee the company after going public. It would join another
big peptides maker, Bachem  BANB.B , that is already listed on
the Swiss exchange.
    Paulsen, a billionaire adventurer who lives in western
Switzerland, in 2007 co-piloted a Russian submersible to the
seabed below the North Pole. https://reut.rs/3a4fTQW
    He is also chairman of Ferring Group, a Lausanne-based
biotech company focused on reproductive health and
gastroenterology, and is on the board of Philip Morris
International, maker of Marlboro-brand cigarettes.
    Credit Suisse, Morgan Stanley and BofA Securities are acting
as Joint Global Coordinators and Joint Bookrunners for the
planned IPO. Berenberg, Danske Bank and Zürcher Kantonalbank are
acting as Joint Bookrunners. Rothschild & Co. is acting as
independent financial adviser to PolyPeptide Group.


($1 = 0.8414 euros)

 (Reporting by John Miller. Editing by Gerry Doyle)
 ((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))